Published on 9/28/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $599,000 phoenix autocallable notes linked to S&P, Russell, Dow
By Angela McDaniels
Tacoma, Wash., Sept. 28 – Barclays Bank plc priced $599,000 of phoenix autocallable notes due Sept. 26, 2025 linked to the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 10% if each index closes at or above its coupon barrier level, 60% of its initial level, on the valuation date for that period.
Beginning December 2022, the notes will be automatically called at par if each index closes at or above its initial level on any monthly observation date.
If each index finishes at or above its 60% barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the least performing index’s decline from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index and Dow Jones industrial average
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| Amount: | $599,000
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| Maturity: | Sept. 26, 2025
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| Coupon: | 10% per year, payable monthly if each index closes at or above coupon barrier level on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below barrier level, in which case exposure to least performing index’s decline from initial level
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| Call: | Beginning December 2022, automatically at par if each index closes at or above initial level on any monthly observation date
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| Initial levels: | 3,693.23 for S&P, 1,679.59 for Russell and 29,590.41 for Dow
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| Coupon barrier levels: | 2,215.94 for S&P, 1,007.75 for Russell and 17,754.25 for Dow, or 60% of initial levels
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| Barrier levels: | 2,215.94 for S&P, 1,007.75 for Russell and 17,754.25 for Dow, or 60% of initial levels
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| Pricing date: | Sept. 23, 2022
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| Settlement date: | Sept. 28, 2022
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| Agent: | Barclays
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| Fees: | 0.85%
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| Cusip: | 06748XVY4
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